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Exempt Organizations Technical Guide›TG 57: Taxes on Net Investment Income – IRC Section 4940›Table of Contents

A. Taxable Private Foundations

0824 Publ 5580 (PDF) · 2026-10-03 edition · updated 2026-10-04 · United States

(1) The Section 4940 excise tax is also imposed on taxable private foundations. A

taxable private foundation is simply a private foundation that doesn’t have taxexempt status.

Example: A private foundation which fails to take the necessary steps to reform its governing instrument as required by Section 508(e) would lose exempt status and become a taxable private foundation.

(2) Also, a Section 4947(a)(1) trust treated as a private foundation is subject to this

tax. See Treas. Reg. 53.4947-1.

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▸Contents — 0824 Publ 5580 (PDF)
0824 Publ 5580 (PDF)

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